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It was only the end of May when Square, the mobile payment startup that could, announced it was processing a staggering $3 million a day in payments. The company is now processing $4 million a day and on track to surpass the $100 million mark in total transactions during the month of July.

Square, started by Twitter founder Jack Dorsey, was recently valued at nearly $1 billion after a round of very lucrative ($100 million) funding. It helps that the company's card readers are now sold in every Apple store (with a $10 credit) and still available for free online. It has helped to the tune of 500,000 card readers being shipped so far and with more than a million transactions processed per month. Which only equates to like 2 transactions per person, but a lot of people probably just signed up online cause it was free.

Anyway, it appears Square is here to stay. Or here to move around and take your money.

i know i have been waiting on this to come to UK FOREVER!! i have been emailing them every now and then but no luck!! they don't have any plans as of yet, i was hoping that now Apple had decided to start selling them instore, that Apple would push it to the UK

2.75% is less than I pay for accepting Paypal payments on my website. It may not be ideal but it sure makes accepting payments a lot easier- and it makes impulse buys much easier for my customers which easily makes up for square's cut of my profits!

What are you talking about? You hope they take off? They're doing 4,000,000 a DAY, you don't think that's taking off? How is it living in lala land?

My wife and I use it from time to time.... We love it and will continue to use it as long as it's the best thing out there.

Four million transactions a day... in one nation of three-hundred-twenty million people. Visa's global processing volume in '09 was 62 billion transactions. Less than a sixtieth of one of four major cards' processing? That's smaller potatoes if you ask me. Yes, they're doing very well; but their overall market penetration is minimal at best.

Originally Posted by snarkster

2.75% is less than I pay for accepting Paypal payments on my website. It may not be ideal but it sure makes accepting payments a lot easier- and it makes impulse buys much easier for my customers which easily makes up for square's cut of my profits!

Less than eBay, yeah; but Verifone for example is charging an average 1.73% plus fifteen cents on each transaction. I've seen Authorize.net resellers going for 1.55% plus fifteen cents (on smaller transactions). I personally support Square, I love their business model; but shaving off a few more percentage points could further boost business. My two cents.